Ramco Cements Q3FY26 Standalone Revenue Up 7% to ₹2,119 Cr; Chemicals Business Surges 79%
Ramco Cements reported standalone Q3FY26 revenue of ₹2,119 crore, up 7% YoY. Cement volumes grew 4% to 4.43 million tons, while construction chemicals volumes surged 79% to 1.54 lac tons. Profit after tax rose to ₹387 crore from ₹325 crore. Company plans to reach 31 MTPA capacity by Mar-27 and revised FY26 capex to ~₹1,100 crore.
The results show positive year-on-year growth in key financial metrics and strong performance in a specific business segment. The planned capacity expansion and asset monetization are also positive developments. However, the slight decrease in capacity utilization and blended EBITDA per ton, along with increased raw material costs, temper the impact to medium.
The company reported a year-on-year increase in revenue, profit after tax, and significant growth in its construction chemicals business. Despite some cost pressures, the overall financial performance and strategic initiatives, including capacity expansion and asset monetization, indicate a positive outlook.
The Ramco Cements Limited announced its standalone un-audited financial results for the third quarter of Fiscal Year 2026 (Q3FY26) on February 9, 2026. During the quarter, the company recorded a cement sale volume of 4.43 million tons, a 4% increase compared to 4.28 million tons in Q3FY25. The construction chemicals business demonstrated robust growth, with sale volumes reaching 1.54 lac tons, a significant 79% jump from 0.86 lac tons in the corresponding quarter of the previous year. Overall sale volume for Q3FY26 grew by 5% year-on-year. Cement capacity utilization stood at 73% in Q3FY26, slightly down from 75% in Q3FY25.
Net revenue for Q3FY26 increased by 7% year-on-year to ₹2,119 crores, up from ₹1,988 crores in Q3FY25. Revenue from the construction chemicals segment contributed ₹90 crores, a 74% increase from ₹52 crores in Q3FY25. EBITDA for the quarter was ₹298 crores, a 3% growth from ₹291 crores in Q3FY25, with a blended EBITDA per ton of ₹651, compared to ₹666 in Q3FY25. The operating profit ratio was 14% in Q3FY26, down from 15% in Q3FY25.
The cost of raw materials per ton increased by 4% year-on-year to ₹1012, impacted by a new mineral bearing land tax (MBIT) of ₹160 per ton of limestone in Tamil Nadu, which added ₹47 crores to variable costs for the quarter. Power and fuel costs per ton of cement also saw a slight increase to ₹1,088 from ₹1,061 in Q3FY25. However, the company increased its green energy usage by 8% to 47% through higher wind power generation, helping to manage overall power and fuel costs.
Profit before tax after exceptional items for Q3FY26 stood at ₹486 crores, a significant increase from ₹333 crores in Q3FY25. Profit after tax for Q3FY26 was ₹387 crores, compared to ₹325 crores in the prior year's quarter. Exceptional items for the quarter amounted to ₹479 crores, primarily due to a ₹506 crore profit on the sale of land, offset by ₹27 crores expensed towards past service cost for gratuity under new labor codes. Interest costs reduced to ₹108 crores from ₹113 crores in Q3FY25 due to lower borrowings and repo rate cuts. Depreciation increased to ₹184 crores from ₹174 crores due to new facility commissioning.
The company plans to achieve a cement capacity of 31 MTPA by March 2027 through de-bottlenecking and brownfield expansion. Capital expenditure incurred during Q3FY26 was ₹222 crores, with the full-year FY26 capex estimate revised to approximately ₹1,100 crores. Net debt as of December 31, 2025, was ₹4,145 crores, down from ₹4,481 crores as of March 31, 2025, with the cost of debt decreasing to 7.10%. During the first nine months of FY26 (9MFY26), the company monetized ₹559 crores from the sale of non-core assets, exceeding its target of ₹1,000 crores over a two-year period, and plans to dispose of an additional ₹200 crores worth of non-core assets soon.
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